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KUALA LUMPUR – Bursa Malaysia opened higher today on renewed buying interest after undergoing selling pressure yesterday, taking its cue from the overnight Wall Street performance.
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 11.67 points to 1,601.65 from yesterday’s close of 1,589.98.
The barometer index opened 9.74 points firmer at 1,599.72.
On the broader market, gainers led losers 254 versus 80, while 188 counters were unchanged, 1,768 untraded and 27 others suspended.
Total turnover stood at 136.07 million worth RM50.83 million.
Malacca Securities Sdn Bhd said Wall Street rebounded as the Dow Jones Index rose 0.7% after recovering from its intraday low on bargain-hunting activities ahead of corporate earnings releases from technology giants later this week.
“While bargain-hunting activities may emerge following yesterday’s decline, we expect investors’ sentiment to remain wary, and upside on the FBM KLCI could be limited around the 1,600 level for now.
“Still, we are optimistic about the recovery-themed sectors on the back of declining Covid-19 daily confirmed cases,” the firm said in a note today.
On commodities, the firm said the crude oil price is hovering above US$100 (RM435.54), while crude palm oil futures traded above RM6,200 per tonne.
Among the heavyweights, Maybank added 3 sen to RM8.92, Public Bank gained 1 sen to RM4.72, both Petronas Chemicals and IHH Healthcare rose 14 sen to RM10.26 and RM6.70, respectively, and CIMB increased 4 sen to RM5.20.
Of the actives, Yong Tai and South Malaysia Industries were flat at 10.5 sen and 34.5 sen, respectively, Techna-X lost 0.5 sen to 10.5 sen, while Siab went up 0.5 sen to 22 sen and KPower rose 2 sen to 56.5 sen.
On the index board, FBMT 100 Index gained 80.04 points to 11,101.69, FBM Emas Index was 81.33 points higher at 11,446.93, FBM Emas Shariah Index accumulated 103.76 points to 12,045.83, FBM 70 edged up 94.63 points to 13,637.69, and FBM ACE increased 43.76 points to 5,626.67.
Sector-wise, the Industrial Products and Services Index inched up 1.17 points to 211.29 and the Financial Services Index widened 82.68 points to 16,825.23, and the Plantation Index ticked up 26.66 points to 8,874.25.
Meanwhile, the ringgit opened slightly higher against the US dollar today on renewed buying interest amid slightly easing demand for the greenback due to softer US Treasury yields, said an analyst.
At 9am, the local note stood at 4.3500/3530 versus the greenback from yesterday’s close of 4.3560/3580.
According to reports, demand for the US Treasury notes sent yields tumbling yesterday morning as worries over China’s economy added to fears of a faster-than-predicted increase in US interest rates, sending investors out of perceived riskier assets.
The yield on the 10-year Treasury note, which fell eight basis points to 2.825% yesterday afternoon, after dipping below 2.8%, should offer the beleaguered ringgit some relief today, said SPI Asset Management managing partner Stephen Innes.
“However, I do not suggest donning the rally caps just yet, as we have a hawkish Federal Open Market Committee meeting lying in wait for any US dollar bears in the first week of May.
“I think the ringgit-US dollar would likely move between 4.3450 and 4.3600, as global risk should do a bit better on the back of softer US yields,” he said.
Meanwhile, the ringgit was traded mixed against a basket of major currencies.
The local note slid versus the Japanese yen to 3.4091/4117 from yesterday’s close of 3.3968/3986 but rose against the euro to 4.6671/6703 from 4.6740/6761.
It appreciated against the Singapore dollar to 3.1680/1707 from yesterday’s close of 3.1698/1718 and decreased vis-a-vis the British pound to 5.5445/5483 from 5.5426/5451. – Bernama, April 26, 2022